Suppose you are given a demand curve of QD = 4, 000 200P and a supply curve of QS = 100P 200. (a) (6 points) Based on the information, what does the market look like (i.e. draw a diagram/graph)? What is the equilibrium price and quantity? (b) (2 points) Suppose there is a recession that reduces the market demand to QD = 1, 800 100P. How does this influence the equilibrium? (c) (3 points) Before the economy can reach equilibrium in part (b), suppose the price is P = $12. Explain what happens in the market and what you expect to happen over time